Woodford ditches Tesco as Buffett buys

Invesco Perpetual's Neil Woodford has revealed he sold out of his Tesco holding after the firm's profit warning last month, just as veteran investor Warren Buffett was snapping up the stock.

In an interview with Hargreaves Lansdown's Mark Dampier, which appeared in The Independent, Woodford said he sold out of Tesco within his Income and High Income funds as he was concerned it had "too many plates spinning", with market share at risk due to the improved competition. He said he was "able to dispose of the holding quickly" after Tesco reported its worst Christmas trading update for decades. In the update, chief executive Philip Clarke admitted profits for the year would be around the low end of the current consensus range. It sent sent shares plunging 16% on the day, do...